The Brief

New Census Bureau data offers details on the financial challenges consumers are enduring searching for affordable housing with the costs soaring for renters and owners.

Mortgage payments reached the highest level in decades

By the numbers:

Citing the data, the Washington Post noted that the median monthly cost of owning a home — which includes mortgage and insurance payments, real estate taxes and other costs — skyrocketed $2,035 in 2024, after adjusting for inflation, from $1,960 in 2023.

In 2024, individuals who relocated to new areas had a median mortgage payment of $2,225 a month, the highest amount in decades and more than median payment for mortgages in general and 20% higher than the median payment for people who moved only three years before.

And the high mortgage c

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